Skill Loan Scheme

Skill Loan Scheme (herein after called as Skilling Loan) aims at providing a loan facility to individuals who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria.

Eligibility Norms

The applicant should be an Indian national

As required by the enrolling institutions/organizations as per NSQF

Any individual who has secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF)

Courses Eligible

Courses run by above mentioned Training Institutes (in 4.a) aligned to National Skill Qualification Framework (NSQF) shall be covered by the Skill Loan. There is no minimum course duration.

Quantum of Finance

Loans will be in the range of Rs.5,000/- to Rs.1,50,000/-. The estimated per month fees, based on sector & NSQF level, will be available with the NSDC

Margin

The banks can charge nominal margin money as down-payment from the student, to keep the student serious about the course. However, the down-payment and the amount paid as Interest during the course (Clause 11) together should not exceed 10% of the total course amount.

Security

No collateral for such skilling loan will be taken. Bank have option to apply to the National Credit Guarantee Trust Company Ltd (NCGTC) for credit guarantee against defaults

IMPORTANT: Bank of Maharashtra never ask for Bank account details for any purpose through phone call/email/SMS.

Bank appeals to all the customers not to respond to such phone call/email/SMS and not to share their bank account detail with any one for any purpose. Never share your CVV/ PIN No. of Debit/Credit card to anyone.